UPDATE JANUARY 2017- FINRA records disclose that a number of additional arbitrations have been filed by customers of Douglas Simanski, a former broker with NEXT Financial Group, including:
- Case 16-03447 in which a customer alleges damages of $231,665 and further alleges that funds provided to Simanski for investment were diverted to his personal account.
- Case 16-03541 in which a customer alleges damages of $102,127 related to a purported investment in Pennsylvania Tax Free Investment Fund which would supposedly generate tax free income of 3-5%. The customer alleges that the investment was non existant and believes that Simanski converted the funds for his personal benefit.
ORIGINAL POST -August 2016-Altoona, PA
The FINRA records of Douglas P. Simanski, a former stockbroker who most recently worked for NEXT Financial Group disclose a recent regulatory matter resulting in his permanent bar from the industry, 4 currently pending customer disputes, 1 prior final customer dispute and a recent employment separation after allegations.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In June 2016, Simanski, without admitting or denying the findings, consented to a permanent bar from the securities industry and entry of findings that he failed to provide documents and information related to an investigation into allegations related to the conversion of funds. FINRA Case 2016049621301.
The currently pending customer disputes include:
- A complaint received July 2016 by a customer of NEXT Financial who alleges damages of $125,581 as a result of Simanski investing her in a high risk variable annuity.
- FINRA Case#16-02258 in which a customer of NEXT Financial alleges damages of $100,000 on behalf of her deceased father who gave Simanski a check for $140,000 in October 2014 and received a signed five fixed investment note.
- FINRA Case#16-2118 in which a customer of NEXT Financial alleges damages of $104,000 stating the in 2009 they invested $200,000 in a promissory note that was supposed to yield 6% tax free return. They state that Simanski sold fraudulent and unregistered securities.
- A complaint received June 2016 from a customer of NEXT Financial alleging damages of $80,000 on a “special project” investment Simanski persuaded them to invest in.
In May 2016 Simanski was discharged by NEXT Financial Group who made the following allegation on Simanski’s FINRA record: “RR sold fictitious investments and converted the funds for his own personal use and benefit.”
Simanski was registered with NEXT Financial Group from 8/1999-6/2016. Prior to that he was registered with Advantage Capital Corp.
If you lost money in an account handled by Douglas P. Simanski, you may be entitled to damages from his former employer.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Rex Securities Law
Florida-561 391 1900